Moscow. 18 Nov. Shareholders of American companies like Tesla Motor and SolarCity approved the merger. The electric car manufacturer Tesla intends to purchase SolarCity, which produces solar panels, for $2.1 billion Transaction will be fully paid shares.
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“Your faith will be rewarded,” said the founder and head of Tesla Elon Musk to investors on Thursday, after the vote, writes The Wall Street Journal. The transaction is expected to be completed “in the coming days,” according to a press release from the company.
Association approved 85% of the owners of Tesla stock, excluding Mask and other affiliated shareholders. SolarCity did not disclose the proportion approving the transaction shareholders. Musk already is Chairman of the Board of Directors and largest shareholder of SolarCity, which is run by his cousin Lyndon Rive. With this in mind, the Union of two loss-making companies makes wall street a lot of questions.
On the one hand, the acquisition of SolarCity, the largest provider of solar panels for private homes in the United States, will create additional financial problems for Tesla, which itself is expected to reach breakeven no earlier than 2020, and makes substantial investments in R & d and production expansion, including the construction of a factory in Nevada for $5 billion.
On the other hand, in addition to electric cars, Tesla is ramping up production of batteries that are typically used in conjunction with solar panels to provide electricity to private homes. Companies may combine other technologies.
Analysts polled by FactSet, on average, are predicting revenue of SolarCity at $711 million at the end of 2016. The company expects its increase to $1 billion next year compared with $400 million in 2015. SolarCity in July-September, received a net loss of $225.3 million after a loss of $769 million overall in 2015 and $375 million in 2014.
Tesla ended its third quarter with a net profit of $22 million, which came as a surprise to investors. The loss of the company at the end of last year totaled $889 million, in 2014 – $294 million
